Thank you for your service and helping to keep our neighborhoods safe!
National Police and EMS week may 11-17th.
Are you a Hero that is looking to save on your next home sale or purchase and all the services that go along with it? Contact me and I will show you how easy it is.
Welcome to May and your eye on the market
With Tax Season coming to a close and all that paper everywhere do you feel like just throwing it all up, away or into the fire? Boy I know I do but, we have to keep some important docs and I hope this list is a good reminder.
Tax returns- 7 Years– Keep tax returns and all supporting tax docs, including W-2’s, 1099 forms, property tax info, bank statements, mortgage interest statements, cancelled checks, receipts, home purchase and home improvement info.
Paycheck stubs– 1 Year
Home Ownership
Insurances
Investment/Retirement Accounts
Permanently Never Shred
TAX TIP: The 121 Exemption When Selling Your Home
The reason to do a 1031 exchange is to avoid capital gains taxes on investment property. Almost once a week I get asked about the sale of a primary residence. When you sell your home, you have an exemption from most capital gains taxes. A great resource to get more details about that is an IRS Publication, updated annually, called Selling Your Home (Pub 245). You could go to IRS.gov to download that.
In short, there is a 121 Exemption for capital gains taxes up to $250K per individual or $500K per married couple filing jointly. You do have to have lived in the property as your primary residence for 2 out of the last 5 years, and you can only take this exemption, once every 2 years.
This has been used in a long term strategy to avoid paying capital gains on rentals by converting the property from investment to primary residence. The IRS got wise to this strategy and put some constraints on this.
It could still be part of a plan, but reach out to your tax advisor with questions and see if this is an option for you
Most all roofs can, and will develop leaks in them; and a simple home inspection won’t guarantee to find them all. Leaks normally start as very small crevices or cracks, without the homeowner’s knowledge. In the early stages of a leak only small amounts seep through the crack, this is not a sufficient amount to alert the homeowner as it doesn’t travel through all the layers of the ceiling.
It is recommended that you have your attic, and roof thoroughly checked twice a year for such leaks. The most common source of leaks is flashing as they are often overlooked when repairing/replacing the roof, so be sure to inspect your flashing from time to time.
When it comes to home maintenance, your garage door might not be at the top of your list or even on it at all! However regular maintenance could save you headaches down the line, and the following tips may help keep your garage door working properly for decades to come. Applying a solvent like WD_40 to the roller tracks, and latches should prevent them from sticking over time due to rust and corrosion. While you’re there examine each component and replace any bent or broken parts as needed. Also be sure to apply some lubricant to the garage door opener if it is operated by a chain or drive screw. Wooden garage doors should be sealed and painted on a regular basis, and DIY network suggest caulking all cracks. Also, check the weather sealant at the bottom of the door and if it is damaged, replace it before the rainy season.
About.com recommends adding garage door maintenance to your yearly maintenance schedule. Spring or autumn are perfect times to make a date with your garage door, in between the harsher weather periods.
Finally this is one I see homeowners forget a lot. Your HVAC system worked very hard last winter. Have it inspected and cleaned by a professional HVAC contractor and keep those filters changed for the spring and summer months as well.
Get it done and enjoy the spring!
“The few who do are the envy of the many who only watch.” -Jim Rohn
Smoke alarms are an important defense against injury or death in house fires. The National Fire Protection Association states that nearly two-thirds of home fire fatalities happen in homes with non-working or missing smoke detectors. Most building codes now require smoke detectors in all residential structures, which has resulted in a steep drop in fire- and smoke-related deaths. Homeowners should check with their local public safety office or fire department for specific information on these requirements.
You have finally closed on your new home and with great rates and a beautiful home you can now relax all the hard work is over right? Not exactly. So get settled in and get use to a mortgage payment then, after a few months take a look on how you can get that mortgage down a bit faster.
Either right away, or in the future, there is a better way to pay that 30 year mortgage down quicker and build your equity faster. Here is a current payment schedule based on a approximate 4 1/8% rate. As you can see the first few years you are paying an astronomic amount in interest. Just think of what just one extra payment a year could do for you.
Here is a link to a great site I give to my buyers and sellers. While I am not a mortgage broker (I work with some great ones) I do believe all of us Realtors should provide better tools to our clients and be informed. After all, a home buyer, or seller, who understands the process is more comfortable with their home and their purchase.
Not only does this site have mortgage calculators. Check it out there is every kind of financial calculator you can think of. It actually is a bit addicting so have fun with it!
|
Year |
Total Payments |
Principal Paid |
Interest Paid |
Ending Principal Balance |
|---|---|---|---|---|
| $300,000.00 | ||||
| 1 | $17,395.20 | $5,192.05 | $12,203.15 | $294,807.95 |
| 2 | $17,395.20 | $5,408.99 | $11,986.21 | $289,398.96 |
| 3 | $17,395.20 | $5,634.96 | $11,760.24 | $283,764.00 |
| 4 | $17,395.20 | $5,870.37 | $11,524.83 | $277,893.63 |
| 5 | $17,395.20 | $6,115.61 | $11,279.59 | $271,778.02 |
| 6 | $17,395.20 | $6,371.14 | $11,024.06 | $265,406.88 |
| 7 | $17,395.20 | $6,637.34 | $10,757.86 | $258,769.54 |
| 8 | $17,395.20 | $6,914.62 | $10,480.58 | $251,854.92 |
| 9 | $17,395.20 | $7,203.53 | $10,191.67 | $244,651.39 |
| 10 | $17,395.20 | $7,504.47 | $9,890.73 | $237,146.92 |
| 11 | $17,395.20 | $7,818.00 | $9,577.20 | $229,328.92 |
| 12 | $17,395.20 | $8,144.63 | $9,250.57 | $221,184.29 |
| 13 | $17,395.20 | $8,484.91 | $8,910.29 | $212,699.38 |
| 14 | $17,395.20 | $8,839.40 | $8,555.80 | $203,859.98 |
| 15 | $17,395.20 | $9,208.70 | $8,186.50 | $194,651.28 |
| 16 | $17,395.20 | $9,593.44 | $7,801.76 | $185,057.84 |
| 17 | $17,395.20 | $9,994.27 | $7,400.93 | $175,063.57 |
| 18 | $17,395.20 | $10,411.80 | $6,983.40 | $164,651.77 |
| 19 | $17,395.20 | $10,846.79 | $6,548.41 | $153,804.98 |
| 20 | $17,395.20 | $11,299.97 | $6,095.23 | $142,505.01 |
| 21 | $17,395.20 | $11,772.08 | $5,623.12 | $130,732.93 |
| 22 | $17,395.20 | $12,263.90 | $5,131.30 | $118,469.03 |
| 23 | $17,395.20 | $12,776.27 | $4,618.93 | $105,692.76 |
| 24 | $17,395.20 | $13,310.07 | $4,085.13 | $92,382.69 |
| 25 | $17,395.20 | $13,866.14 | $3,529.06 | $78,516.55 |
| 26 | $17,395.20 | $14,445.46 | $2,949.74 | $64,071.09 |
| 27 | $17,395.20 | $15,049.00 | $2,346.20 | $49,022.09 |
| 28 | $17,395.20 | $15,677.73 | $1,717.47 | $33,344.36 |
| 29 | $17,395.20 | $16,332.74 | $1,062.46 | $17,011.62 |
| 30 | $17,391.71 | $17,011.62 | $380.09 |
$0.00 |
#snohomishcountyrealestate #mortgagecalculators
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
Check out these articles for great information about our community and the real estate industry.
MORTGAGE & FINANCE news
10 reasons to take the plunge into homeownership
Americans now consider real estate best option for long-term investments
http://www.gallup.com/poll/168554/americans-sold-real-estate-best-long-term-investment.aspx
Average 30-year mortgage rate falls to 4.27%
http://www.usatoday.com/story/money/personalfinance/2014/04/17/mortgage-rates/7823375/
Earth Day: Energy-efficient mortgages have you spending now to save money later
REAL ESTATE news
Is your home ready for your retirement?
http://realestate.aol.com/blog/2014/04/18/home-remodel-design-aging-in-place/
10 home feature trends for 2014
http://www.cbsnews.com/media/10-home-feature-trends-for-2014/10/
Earth Day: 15 tips to make your home more green
http://blog.redfin.com/blog/2014/04/15-tips-to-make-your-home-more-green.html
LOCAL news
Price gains in 2014 don’t indicate a bubble, correction and inflation the cause of increases
Pierce County still cheaper to buy than rent a home
Earth Day: Downtown Bellevue and Seattle’s Columbia City among top 10 green neighborhoods in the nation
http://blog.redfin.com/blog/2014/04/top-10-neighborhoods-for-green-homes.html#.U1SWO-aMWRM
WEEKLY DOSE OF awesomeness
Did you know Earth Day was first announced in 1969 at a conference in Seattle?
http://www.history.com/topics/holidays/earth-day
Earth Day: 3 free apps to help you go green
http://parade.condenast.com/280529/viannguyen/3-free-apps-to-help-you-go-green-this-earth-day/
Winter months can be so cruel to your roof. If your roof fails, it can cause great expense, significant damage and wasted time and money. With winter in full swing, give your roof a quick check-up to ensure that your home is protected.
Here are some warning signs that your roof may be costing your money and leaving your vulnerable.
If you notice any of these warning signs, consider using a professional roofing contractor. Many people neglect their roof or think roofing installation is simple. As a Real Estate professional that sees houses day in and day out, and loves to follow around the inspectors, I can tell you the roof is always the first thing that is checked and 7 out of 10 times needs repairs, replacement of shingles or worse.
A well-installed, well-maintained roof is one of the most important things your can do for your home.
www.snohomishcountyhomes4u.com